Wipro has reached an agreement with the US Securities and Exchange Commission (SEC) to formally resolve the previously disclosed six-year-old investigation. In agreeing to the settlement, the company neither admitted nor denied the SEC’s allegations that it violated certain provisions of the Securities Exchange Act of 1934 (Exchange Act). The SEC has credited the company’s cooperation and remedial measures in arriving at the settlement. Under the terms of the settlement, the company consented to pay a civil money penalty of $5 million, to cease and desist from committing or causing violations of the Exchange Act, and to undertake certain follow through actions.
In December 2009, the company self-discovered that an employee embezzled funds amounting to Rs 22.80 crore (approximately $4 million), beginning in November 2006. The company was able to substantially recover the embezzled funds. The company publicly disclosed the embezzlement through a press release and in its annual report for financial year (FY) 2009-10.
Wipro is engaged in providing information technology solutions. It offers solutions for systems integration, information systems outsourcing, package implementation, system integration, network integration, software solutions and information technology services, software application development and maintenance and research and development services to corporations globally.
Company Name | CMP |
---|---|
TCS | 3707.35 |
Infosys | 1405.90 |
HCL Tech. | 1314.60 |
Wipro | 443.95 |
Tech Mahindra | 1245.30 |
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